See the attached ss of the Financial statements from the year ended March 23, they have very huge assets situated in Right of use assets (basically lease assets such as property) which they depreciate over the period of lease which might be few years and could be the reason that huge depreciation is charged every year to write it off from the balance sheet.
Also what they are saying in concall is partly true as majority of depreciation comes from right of use assets only. They have said around 110 cr dep on ppe but only 36 cr is on ppe and 145 cr approx in on right of use assets and only 3 cr on intangible assets and not 30-40 cr as they have claimed in concall. (idk why they are not clear with the figures and claiming any number blatantly)
I hope I was able to explain why depreciation was very huge here.
Attaching three ss.
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